Home Finance PGIM Real Estate Buys Mobile Home Park in Puyallup for $22MM

PGIM Real Estate Buys Mobile Home Park in Puyallup for $22MM

By Jack Stubbs

PGIM Real Estate, a global real estate investment firm that offers its clients real estate equity, debt, and securities investment strategies, last week added another property to its growing global portfolio.

On Tuesday, November 21st, a roughly 36-acre mobile home park in Puyallup sold for $22 million, according to public records filed with King County. The seller of the mobile home park was Harvestgate LLC, an entity affiliated with MKM Ventures, Inc. and located in Tacoma, Washington. The deal was recorded on November 22nd.

The mobile home lot is a 4-parcel property. Three of the parcels total 32 acres and are located at 6101 89th St. Court East, and the final parcel, located at 9101 58th Ave E, comprises approximately four acres. The property is about four miles to the west of Puyallup and roughly nine miles to the south of Tacoma. Additionally, Washington State Route 512 is roughly 4 miles from the property, with Interstate 5 five miles away.

The property is in close proximity to several other mobile home parks, sitting within approximately four miles of Cottonwood Mobile Home Park, Elmwood Mobile Home Park and the Everett and Virginia Lawrence Mobile Home Park.

Another mobile home park in the Puget Sound Region recently changed hands, as well. In August 2017, Seattle-based real estate developer Intracorp bought University Trailer Park—located just north of Seattle’s Ravenna neighborhood—from Kenmore-based UTP LLC for nearly $9.7 million.

Founded in 1970, PGIM Real Estate is the real estate investment business of PGIM, Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). As of June 30th 2017, PGIM had $49 billion net assets under management. PGIM has industry professionals in 18 cities across the Americas, Europe and Asia Pacific and seeks to help its clients capitalize on potential real estate investment opportunities in key markets around the world, according to the company’s web site.

PGIM identifies and develops strategies in both established and emerging markets to create opportunity and add value for its investors. The company operates in all of the major real estate submarkets including office, retail, residential and industrial, as well as emerging asset classes such as self-storage and senior housing facilities.